Sure. I had a client who contacted me in June and wanted me to review a franchise agreement. The intention of the client was to take capital that had accumulated in one business and use it to invest in a franchise. The intention was that the second generation would own the franchise and the capital contribution would come from the parent.
I was contacted in July and asked whether I'd done the review yet. I told the client, no, I hadn't started it yet. They told me not to bother doing it. They'd looked at it, and when they saw the potential consequences of the investment, they didn't see a benefit to their children through investing in this business. They didn't see a benefit to themselves in terms of the return, because it could be treated as passive income. They didn't want me to look at it anymore. They were not investing. I've had other circumstances where people said that in this climate of uncertainty, at this moment, they were not making investment decisions. They were taking very conservative approaches to how they handled their capital.
Accountants are beginning prospective planning on scenarios, but basically, at this point, a certain portion of the capital that normally would be being invested has stopped moving. The investments are just not being made.